News

Practice Update November 2021 covers following points: Preparing for the new Director ID regime Varying PAYG instalments due to COVID-19 AUSTRAC transaction report information data-matching program Permanent changes to AGMs and electronic communications Government payments data-matching program Click here for Practice Update November 2021

Practice Update October 2021 covers following points: Extra super step when hiring new employees ATO support for employers with expansion of STP Reminder for first-time share investors to declare income Documenting gifts or loans from related overseas entities Paid Parental Leave changes support parents in lockdown Additional ATO support during COVID-19 Reminder of SG obligations…

Practice Update September 2021 covers following points: Extending administrative relief for companies to use technology Expansion of support for SMEs to access funding ATO warns property investors about common tax traps Div.293 concessional contribution assessments have been issued Travel allowances and ‘LAFHAs’ Time running out to register for the Job Maker Hiring Credit Labor commits…

Practice Update August 2021 covers following points: Reminder of superannuation caps indexation for 2022 Division 7A benchmark interest rate for 2022 remains unchanged Changes to STP reporting from 1 July 2021 Maximum contributions base for super guarantee The ‘gigs up’ with a new sharing economy reporting regime Taxable Payments Annual Reports (‘TPARs’) due 28 August…

Tax saving strategies prior to 1 July 2021. A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. A certified tax advisor can help with tax minimisation strategies and planning Tax Return Checklist: Claims for…

Practice Update June 2021 covers following points: Cryptocurrency under the microscope this tax time ATO warns on ‘copy/pasting’ claims Family assistance payments Temporary reduction in pension minimum drawdown rates extended Super Guarantee rate rising from 1 July 2021 Do you use the Small Business Superannuation Clearing House? Car parking threshold for 2022 FBT year Luxury…

Practice Update May 2021 covers following points: Government proposal to modernise business communications Independent review service for small business made permanent ATO asks businesses to check if they are still using their ABNs ATO “keeping JobKeeper payment fair” Passenger movement data-matching program Super contribution caps will increase from 1 July 2021 Click here for Practice…

Practice Update April 2021 covers following points: JobKeeper comes to an end ATO loses case on JobKeeper and backdated ABNs ATO’s taxable payments reporting system update FBT rates and thresholds for the 2021/22 FBT year First criminal conviction for JobKeeper fraud Warning regarding new illegal retirement planning scheme New succession planning guide for family businesses…

Practice Update March 2021 covers following points: Changes to STP reporting concessions from 1 July 2021 Paper PAYG and GST quarterly instalment notices Avoiding disqualiication from SG amnesty Click here for Practice Update March 2021

Practice Update January/February 2021 covers following points: New measures applying from 1 January 2021 SMSF related party rental income deferrals due to COVID-19 ATO data-matching programs Shortcut rate for claiming home office expenses extended AAT decision on JobKeeper and backdated ABNs JobMaker Hiring Credit scheme: Claims open from 1 February 2021 Cash payment limit Bill…